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What is SafeMoon? The new cryptocurrency and how it compares to DogeCoin and Bitcoin
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But to understand the dynamic that led to this year’s depressing year for crypto, we actually should start a few years before 2018. In bitcoin’s early days, Mt. Gox was the go-to service for handling transactions. Then, in 2014, it halted transactions and slowly copped to a crypto-hack to the tune of $473 million, the biggest hack of its kind at the time, and it gave many people pause. But it was still early enough for people to believe that the blockchain system was still getting all the technical kinks out.
The name SafeMoon extends to “Safely to the Moon” and auctions itself as a Defi token. This getting to the moon expression was first presented with Dogecoin, and now SafeMoon follows it too. It is a decentralized money token that is like other cryptos such as Bitcoin and means to retouch the occurrence of unpredictability issues, in contrast to different currencies.
Bitcoin mining is raising concerns about its negative impact on the environment. According to the Cambridge Bitcoin Electricity Consumption Index, the industry consumes more electricity than the Netherlands and slightly less electricity than the United Arab Emirates.
Elon Musk’s announcement that Tesla would no longer be accepting Bitcoin as payment on environmental concerns was followed by China issuing a crypto crackdown.
US cryptocurrency exchange Coinbase Global Inc on Tuesday reported a nearly 30% fall in third-quarter trading volumes on a sequential basis, hit by lower volatility and declining prices of Bitcoin and other cryptocurrencies.
An asset that depends vigorously on the fundamentals of supply and demand is known to go far. The news about SafeMoon has been spread all over the world. As more people will get on its radar, the more individuals will put investment into it eventually. The worth of crypto overall has been consistently going up for quite a long time. And as Manward Financial Digest author Andy Snyder anticipated toward the start of this year, crypto’s worth is simply going to rise.
Musk’s decision signifies a sharp u-turn for Tesla who only started accepting Bitcoin as payment for its services in February 2021.
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Ensuring CBDCs are legally recognised as a form of payment alongside banknotes and coins could give the new form of money an edge ... Top headlines: Paytm IPO subscribed 48% on Day 2; M&M Q2 net surges 8-fold Cryptocurrency market cap hits $3 trn mark for 1st time, Bitcoin on fire
You can also buy Safemoon from a centralized exchange like BitLink that lists Safemoon for sale.
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A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
Laith Khalaf, financial analyst at investment platform AJ Bell, previously told The Sun that although long-term investment is encouraged, SafeMoon "doesn't sound too different from a pyramid selling scheme".